Dimensional Fund Advisors LP decreased its holdings in Ciena Corporation (NYSE:CIEN - Free Report) by 18.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,146,020 shares of the communications equipment provider's stock after selling 250,854 shares during the quarter. Dimensional Fund Advisors LP owned about 0.81% of Ciena worth $444,746,000 at the end of the most recent quarter.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Parallel Advisors LLC lifted its holdings in shares of Ciena by 2.7% during the first quarter. Parallel Advisors LLC now owns 5,243 shares of the communications equipment provider's stock worth $2,035,000 after purchasing an additional 136 shares during the period. Ironwood Investment Counsel LLC acquired a new stake in shares of Ciena in the first quarter valued at about $306,000. KBC Group NV boosted its stake in shares of Ciena by 83.4% during the 1st quarter. KBC Group NV now owns 57,143 shares of the communications equipment provider's stock worth $22,185,000 after acquiring an additional 25,982 shares in the last quarter. SEB Asset Management AB purchased a new stake in Ciena during the first quarter worth $14,550,000. Finally, Swiss National Bank boosted its position in shares of Ciena by 7.0% in the 1st quarter. Swiss National Bank now owns 413,332 shares of the communications equipment provider's stock worth $160,468,000 after buying an additional 26,900 shares in the last quarter. 91.99% of the stock is owned by institutional investors and hedge funds.
Ciena Stock Performance
Shares of NYSE:CIEN opened at $378.31 on Tuesday. The business has a 50-day moving average of $491.11 and a two-hundred day moving average of $405.90. The firm has a market capitalization of $53.55 billion, a PE ratio of 126.10 and a beta of 1.27. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.73 and a quick ratio of 2.11. Ciena Corporation has a 12 month low of $83.20 and a 12 month high of $637.51.
Ciena (NYSE:CIEN - Get Free Report) last released its quarterly earnings data on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.46 by $0.18. The business had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.50 billion. Ciena had a return on equity of 18.15% and a net margin of 7.87%.The company's revenue was up 39.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.42 EPS. As a group, research analysts forecast that Ciena Corporation will post 5.4 earnings per share for the current year.
Insider Buying and Selling
In other news, CFO Marc D. Graff sold 126 shares of the firm's stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $466.20, for a total value of $58,741.20. Following the transaction, the chief financial officer owned 126,955 shares of the company's stock, valued at approximately $59,186,421. This trade represents a 0.10% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jason Phipps sold 2,629 shares of Ciena stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $466.20, for a total transaction of $1,225,639.80. Following the transaction, the senior vice president owned 62,382 shares in the company, valued at $29,082,488.40. The trade was a 4.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 21,627 shares of company stock valued at $10,974,985. 0.58% of the stock is owned by corporate insiders.
Analyst Ratings Changes
Several research analysts recently issued reports on CIEN shares. Barclays lifted their price objective on Ciena from $372.00 to $607.00 and gave the stock an "overweight" rating in a research report on Friday, June 5th. Northland Securities set a $450.00 price target on Ciena in a research report on Friday, June 5th. Zacks Research raised Ciena from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 2nd. JPMorgan Chase & Co. upped their price objective on Ciena from $380.00 to $550.00 and gave the company an "overweight" rating in a research report on Thursday, April 16th. Finally, Rothschild & Co Redburn began coverage on Ciena in a research note on Friday, May 1st. They set a "neutral" rating and a $416.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, Ciena currently has an average rating of "Moderate Buy" and an average target price of $530.56.
View Our Latest Report on Ciena
About Ciena
(
Free Report)
Ciena Corporation NYSE: CIEN is a global supplier of telecommunications networking equipment, software and services. The company develops high-capacity optical transport systems and packet-optical platforms that enable service providers, cloud operators and large enterprises to build, manage and scale their networks. Ciena's product portfolio includes coherent optical solutions, packet networking platforms and a suite of network automation software designed to optimize bandwidth, reduce latency and simplify network operations.
In addition to hardware offerings, Ciena provides professional services and support, including network design, implementation and ongoing maintenance.
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